EOS Technical Analysis: Buyers Eye Double Bottom Breakout

The EOS price shows a double bottom formation at the $2.15 support level, preparing a bullish launch to surpass the long-coming resistance trendline. Key technical points: The RSI values moved sideways along the halfway mark. The coin price trades under all the crucial daily EMAs. The 24-hour trading volume of EOS is $410.5 Million, marking a 15% loss. Past Performance of EOS Due to the highly bearish resistance trendline, the EOS coin price falls from $6.5 to the psychological support level of $2. However, the buyers are strong at the psychological mark, starting a short consolidation range between $2.15 to $2.55. Source-Tradingview EOS Technical Analysis EOS coin price action prepares a double bottom pattern at the psychological mark with a neckline at $2.55. Presuming a bullish surge breaking above the neckline, it will also crush the long-coming resistance The 200-day EMA following a sideways path suggests a range-bound rally. However, the declining 20-and-50-day EMA reflects the correction phase in the short term. MACD Indicator: The increasing gap between the downsloping fast and slow lines indicates aggressive selling in the market. RSI Indicator: Amid the recent sell-off, the RSI slope barely escaped from entering the oversold region. However, concerning the last two swing lows, the slight RSI divergence shows weakness in the bearish momentum. In a nutshell, the EOS technical analysis forecasts a possible reversal oppo...